What Is Cryptocurrency – How It Works, History & Bitcoin Alternatives
Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy. Bitcoin (BTC) is the preeminent cryptocurrency and the first to be used widely. However, hundreds of cryptocurrencies exist, and more spring into being every month. Non-Bitcoin cryptocurrencies are collectively known as “altcoins” to distinguish them from the original. What Is Cryptocurrency? An Introduction to Crypto Functionally, most cryptocurrencies are variations on Bitcoin, the first widely used cryptocurrency. Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.” Due to their political independence and essentially impenetrable data security, cryptocur...